I sold some land in July 2009 and earned capital gain of 3 crore and invested 2.5 crore in an under construction flat with a builder in July 2009 to gain exemption under Sec54 F. I paid proportionate tax on the balance 50 lakhs. Allotment Letter was issued on 20 July 2009.
Now 3 years have passed since I paid the amount and got allotment of flat but the builder has not completed the project in time and may take atleast another 2/3 years.He does not have OC.Builder after much persuasion is willing to refund the money in installments.
What are my options in view of recent judgements since delay is caused by builderand 3years have passed since i recieved my allotment letter.
Pls advise status of the money returned? I plan to reinvest about 1.5cr in another residential property with a reputed builder?
Thanks.
Now 3 years have passed since I paid the amount and got allotment of flat but the builder has not completed the project in time and may take atleast another 2/3 years.He does not have OC.Builder after much persuasion is willing to refund the money in installments.
What are my options in view of recent judgements since delay is caused by builderand 3years have passed since i recieved my allotment letter.
Pls advise status of the money returned? I plan to reinvest about 1.5cr in another residential property with a reputed builder?
Thanks.